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REGISTERED NUMBER: 09032208 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

ISLAND RIBS LIMITED

ISLAND RIBS LIMITED (REGISTERED NUMBER: 09032208)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ISLAND RIBS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: Miss J L Burke
Mrs L K Driver





REGISTERED OFFICE: Unit 4 Kingston Works
Kingston Road
East Cowes
Isle of Wight
PO32 6JS





REGISTERED NUMBER: 09032208 (England and Wales)






ISLAND RIBS LIMITED (REGISTERED NUMBER: 09032208)

BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 28,121 48,420
Tangible assets 6 77,251 35,018
105,372 83,438

CURRENT ASSETS
Stocks 94,215 54,032
Debtors 7 74,042 8,961
Cash at bank and in hand 12,799 35,309
181,056 98,302
CREDITORS
Amounts falling due within one year 8 77,261 38,292
NET CURRENT ASSETS 103,795 60,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

209,167

143,448

CREDITORS
Amounts falling due after more than one year 9 293,542 140,831
NET (LIABILITIES)/ASSETS (84,375 ) 2,617

CAPITAL AND RESERVES
Called up share capital 10 3 3
Retained earnings (84,378 ) 2,614
SHAREHOLDERS' FUNDS (84,375 ) 2,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th January 2024 and were signed on its behalf by:





Miss J L Burke - Director


ISLAND RIBS LIMITED (REGISTERED NUMBER: 09032208)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Island Ribs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Development costs
Intangible assets in relation to development costs are measured at cost less accumulated amortisation.

Amortisation is provided for annually in order to write off each asset over its estimated useful life. The intangible assets recognised in relation to development costs are written off over a period of 10 years on a straight line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% straight line
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ISLAND RIBS LIMITED (REGISTERED NUMBER: 09032208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Research and development
To assess whether an internally generated intangible asset in relation to research and development activities undertaken meets the criteria for recognition, the company classifies the relevant activities into a research phase and a development phase.

Costs incurred in relation to the research phase are charged to the income statement in the period in which the costs have been incurred.

Costs in relation to the development phase are capitalised as an Intangible asset. This is to recognise the enduring benefit that the company will receive from this development work.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

ISLAND RIBS LIMITED (REGISTERED NUMBER: 09032208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


5. INTANGIBLE FIXED ASSETS
Product
dev't
costs
£   
COST
At 1st July 2022 67,462
Disposals (33,885 )
At 30th June 2023 33,577
AMORTISATION
At 1st July 2022 19,042
Amortisation for year 6,746
Eliminated on disposal (20,332 )
At 30th June 2023 5,456
NET BOOK VALUE
At 30th June 2023 28,121
At 30th June 2022 48,420

6. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st July 2022 35,900 3,200 3,040 42,140
Additions 52,255 - - 52,255
At 30th June 2023 88,155 3,200 3,040 94,395
DEPRECIATION
At 1st July 2022 4,231 1,964 927 7,122
Charge for year 9,185 309 528 10,022
At 30th June 2023 13,416 2,273 1,455 17,144
NET BOOK VALUE
At 30th June 2023 74,739 927 1,585 77,251
At 30th June 2022 31,669 1,236 2,113 35,018

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 70,072 7,897
Other debtors 3,970 1,064
74,042 8,961

Included in other debtors is £3,970 (2022: £1,064) in relation to prepayments and accrued income.

ISLAND RIBS LIMITED (REGISTERED NUMBER: 09032208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 35,343 10,970
Taxation and social security 27,545 16,761
Other creditors 4,373 561
77,261 38,292

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 25,343 30,832
Other creditors 268,199 109,999
293,542 140,831

The bank loans are guaranteed by the Government (being part of the Coronavirus Bounce Back Loan Scheme).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 Ordinary £1 3 3

11. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £4,736.

This amount is in relation to operating lease commitments which are payable over the next year.